Saturday, July 2, 2022

Google launches 465 million for Startup Black Founders Fund for Africa

Startup Black Founders Fund for Africa 2022

Startup Black Founders Fund for Africa 2022: Pursuing the success of the first cohort in 2021, Google has increased its commitment by 116.3 million shillings to 465 million shillings in funding, and support for 10 more founders this year.

The second round of the Google for Startup Black Founders Fund for Africa targets 60 eligible black-founded startups across Africa.

Launched last year as a $3 million (Ksh.350 million) fund targeting 50 early-stage, black-founded startups in the continent, the fund is part of Google’s racial equity commitments announced in 2020 amid heightened conversations on racial injustice.

“Black-led tech startups face an unfair venture capital funding environment and that is why we are committed to helping them thrive, grow to be better and ensure the success of communities and economies in our region,”

Google’s head of startup ecosystem for Sub-Saharan Africa Folarin Aiyegbusi said.

“The fund will provide cash awards and hands-on support to 60 Black-led startups in Africa, which we hope will aid in developing affordable solutions to fundamental challenges affecting those at the base of the socio-economic pyramid in Africa.”

Kenya is among the 13 prime-focus countries the fund targets due to its vibrant tech and startup ecosystem, alongside South Africa, Nigeria, Ghana, Tanzania, Uganda, Ethiopia, Botswana, Cameroon, Ivory Coast, Rwanda, Senegal and Zimbabwe.

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Selected startups will get non-dilute grants of between Ksh5.8 million ($50,000) and Ksh.11.6 million ($100,000).

At the same time, Google will also give up to Ksh.23.2 million ($200,000) per startup in Google Cloud credits, Google Ad Grants, as well as training and mentorship support from the company’s veterans.

Applicants must have an early-stage start-up with black founders or diverse founding teams, and should be headquartered in Africa.

The start-ups should also benefit the African community, building technology solutions for Africa and the global market and should display the potential of creating jobs as well as exhibit growth potential.

Applications close on May 31, and the winners will be announced on July 29th 2022.

Click HERE to apply.

Last year’s band comprised eight Kenyan startups; Amitruck (logistics), Angaza Elimu (ed-tech), AquaRech (agri-tech), Finplus (fintech), MarketForce (retail-tech), Pezesha (fintech), Raise (fintech) and WorkPay (HR).

Google is the third company to set up a hub in Nairobi within the past three months, after global digital payments giant Visa and American tech powerhouse Microsoft.

This initiative boosts Kenya’s bid to be East Africa’s tech power hub.

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